How to operate LBank usdt contract

To engage in USDT contract trading on LBank, users must first register and verify their identity through a comprehensive KYC process, ensuring transparency and compliance with regulatory standards.

Dec 02, 2024 at 01:08 pm

Step 1: Register and Verify Your Identity on LBank

• Visit the official LBank website (https://www.lbank.info/) and click on "Sign Up."
• Enter your email address, create a password, and agree to the terms of service.
• Verify your email address by clicking on the verification link sent to your inbox.
• Complete the KYC (Know Your Customer) verification process by submitting personal identification documents like your passport or driver's license.

Step 2: Fund Your LBank Account

• Log in to your LBank account and navigate to the "Deposit" page.
• Select "USDT" as the deposit currency and choose your preferred deposit method (e.g., bank transfer, credit/debit card, or cryptocurrency).
• Follow the instructions to complete the deposit process. Please note that deposits may take some time to be processed.

Step 3: Understand LBank USDT Contract Trading

• Contracts are financial instruments that obligate the buyer (or seller) to buy (or sell) an underlying asset at a specified price and date in the future.
• LBank USDT contracts are perpetual contracts, meaning they do not have an expiration date. This allows traders to hold positions indefinitely.
• USDT contracts are denominated in USDT (Tether), a stablecoin pegged to the value of the US dollar.
• Leverage is available in USDT contracts, allowing traders to amplify their potential profits (and losses).

Step 4: Choose a Trading Pair and Open a Position

• Navigate to the "Contracts" page on the LBank website or mobile app.
• Select a trading pair (e.g., BTC/USDT, ETH/USDT). The first currency in the pair is the underlying asset, while the second currency is the settlement currency (USDT).
• Choose the contract type: Inverse perpetual or USDT-margined perpetual. The former is settled in USDT, while the latter is settled in the underlying asset.
• Decide on your trading strategy (e.g., long or short position, leverage level).
• Enter the desired contract size and adjust the leverage as necessary.
• Confirm the transaction by clicking on "Open."

Step 5: Manage Your Position and Close at the Right Time

• Monitor your position in real-time to track its performance. You can view your positions in the "Orders" section.
• Adjust the leverage, take-profit, and stop-loss levels as per your trading strategy.
• Close the position when the desired profit target is reached or when you want to mitigate potential losses.
• Select the "Close" option in the "Orders" section and adjust the contract size as needed. Confirm the transaction to close the position.

Step 6: Withdraw Your Profits

• Once you have closed your position with profits, you can withdraw the funds to your external wallet.
• Navigate to the "Withdraw" page on the LBank website or mobile app.
• Select "USDT" as the withdrawal currency and specify the amount you want to withdraw.
• Choose your preferred withdrawal method (e.g., bank transfer, crypto wallet).
• Follow the instructions and security measures to complete the withdrawal process.